Coconut

Coconut is an accounting and tax app designed for self-employed individuals, sole traders, and landlords. According to the vendor, this platform helps users manage their finances, track income and expenses, generate professional invoices, and prepare and file their tax returns. With features such as work from home allowance calculation, digital record-keeping and reporting, and integration with accountants, Coconut aims to be a valuable tool for self-employed individuals, sole traders, freelancers, and landlords across various professions and industries.

Key Features

Self Assessment Tax Return Preparation: According to the vendor, Coconut helps users prepare and complete their Self Assessment tax returns by providing guidance on income declaration and expense claims. The app calculates the tax owed and generates the necessary forms, aiming to ensure users are aware of important deadlines.

Income and Expense Tracking: Coconut allows users to easily track their income and expenses, categorize transactions, and upload receipts. With real-time syncing of bank accounts, users can generate reports for a clear overview of their financial activity, making it easier to manage their finances and prepare for tax time.

Tax Calculation and Estimation: According to the vendor, Coconut calculates users' tax liability based on their income and expenses, taking into account current tax rates and allowances. The app provides an estimated tax bill, allowing users to plan and set aside funds for tax payments, as well as simulate different scenarios to understand the potential impact of changes.

Payment Reminders and Notifications: Coconut sends users reminders and notifications about important tax deadlines and events. Users can set custom reminders to avoid missing any crucial dates, aiming to help them stay on top of their tax obligations.

Integration with Accountants: Coconut allows users to invite their accountants to access their financial data directly through the app. Accountants can review and verify the accuracy of the information, provide tax planning guidance, and assist with tax return completion, aiming to streamline collaboration and provide professional advice.

Work from Home Allowance Calculator: According to the vendor, Coconut offers a Work from Home Allowance Calculator for self-employed individuals operating as sole traders in the UK. Users can calculate their work from home allowance based on home expenses and the number of rooms and hours used for business, potentially reducing their tax bill.

Digital record-keeping and reports: Coconut supports digital record-keeping and reporting, aiming to comply with Making Tax Digital for Income Tax requirements in the UK. Users can keep digital records of business income and expenses, connect bank accounts for automatic transaction import, and generate reports for digital submission to HMRC.

Professional, branded invoices: Coconut enables users to create professional, branded invoices with customizable templates. Users can track invoice status and send reminders for unpaid invoices, aiming to improve cash flow management and maintain a professional image.

Expense tracking and categorization: Coconut helps users track and categorize business expenses, allowing for accurate financial reporting. Users can attach receipts and records to individual expenses, aiming to ensure compliance with HMRC requirements and optimize cost management.

Tax return preparation: Coconut aims to simplify the process of preparing tax returns for self-employed individuals. The app provides tools to gather and organize financial information, generate reports for calculating taxable income and claiming deductions, aiming to ensure compliance and reduce the risk of errors or omissions.